Endogeneity and the corporate governance-performance relation

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dc.contributor.authorSchultz, Emma
dc.contributor.authorTan, David
dc.contributor.authorWalsh, Kathleen Diane
dc.date.accessioned2015-12-08T22:42:06Z
dc.date.issued2010
dc.date.updated2015-12-08T10:32:55Z
dc.description.abstractThe governance-performance literature is characterized by its inability to reach a consensus regarding the nature of the relation. We posit that these inconsistent findings are symptomatic of inadequacies in the econometric techniques employed when adjusting for all forms of endogeneity. To test this, we fit a comprehensive model of performance and governance using a range of econometric techniques. Once a dynamic generalized method of moments (GMM) specification robust to all forms of endogeneity is employed, we observe no causal relation between governance and firm performance, suggesting that apparently significant relations uncovered by pooled ordinary least squares (OLS) and fix-effects models are the result of spurious correlations.
dc.identifier.issn0312-8962
dc.identifier.urihttp://hdl.handle.net/1885/36940
dc.publisherUniversity of New South Wales
dc.sourceAustralian Journal of Management
dc.titleEndogeneity and the corporate governance-performance relation
dc.typeJournal article
local.bibliographicCitation.issue2
local.bibliographicCitation.lastpage163
local.bibliographicCitation.startpage145
local.contributor.affiliationSchultz, Emma, College of Business and Economics, ANU
local.contributor.affiliationTan, David, College of Business and Economics, ANU
local.contributor.affiliationWalsh, Kathleen Diane, University of New South Wales
local.contributor.authoremailu4025363@anu.edu.au
local.contributor.authoruidSchultz, Emma, u4025363
local.contributor.authoruidTan, David, u4757047
local.description.embargo2037-12-31
local.description.notesImported from ARIES
local.identifier.absfor150201 - Finance
local.identifier.absseo970115 - Expanding Knowledge in Commerce, Management, Tourism and Services
local.identifier.ariespublicationu8902633xPUB142
local.identifier.citationvolume35
local.identifier.doi10.1177/0312896210370079
local.identifier.scopusID2-s2.0-79251476512
local.identifier.thomsonID000284934200003
local.identifier.uidSubmittedByu8902633
local.type.statusPublished Version

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